Fed Admits To Breaking The Law

Well, they didn’t actually admit to it, rather they simply took over the functions of Congress and declared themselves supreme rulers over Amerika.

Market-Ticker reports:

“In a 4:30 p.m. announcement in a week of congressional recess and religious holidays, the central bank released details of securities bought to aid Bear Stearns’s takeover by JPMorgan Chase & Co. Bloomberg News sued the Fed for that information.”

The problem is this: The Fed is not authorized to BUY anything other than those securities that have the full faith and credit of The United States.

Indeed, the Constitution makes it perfectly clear that only Congress may conduct such operations:

All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.

The securities the Fed bought from the mega-banks have lost over half their value so far.  This means the tax payers have lost around 40 billion so far due to the Fed.

Of course, this doesn’t include the 1 billion dollar per basis point risk on the trillions in MBS debt the Fed also holds.  A 1% swing in interest rates could lead to a hundred billion dollar loss for the tax payer over-night.

Our glorious leaders at the Fed have decided politicians are dead weight.  In order for a proper world banking oligarchy to be installed, the political class needs to be done away with.  Needless to say, you and I are to be nothing more than serfs in the new world order run by tyrant bankers.

The great unwashed will toil as slaves to pay back the interest on the trillions owed to our overlords as they sip fine wine from billion dollar yachts in the south pacific.